If you’ve got the Monzo app, how do you use it and do you find it has helped you financially?

[flowergirl24]

I downloaded Monzo a while ago. I want to try and organise my spending and sort out budgeting. I can’t quite get to grips with it, and haven’t been using it. I think it might just be changing my habits that I’m finding hard.

So, if you use it, what works well? Has it transformed your monthly budgeting?

I keep my fixed spends in my main bank so all DD etc. Then i move everything else over to monzo. I put money in my pots for sinking funds some of mine are Christmas, birthday, car, holiday, clothes, household. I use the 4% pot for not to touch savings. I also put my monthly food budget into another account so i can keep an eye on that but i use chase for that.
I find having to physically move the money makes me stop and think if really need to be buying whatever it is and it really helps with money not just being frittered away.

Ok thanks. I didn’t realise that there was a 4% pot so that’s helpful too.

I use it. I transfer over a certain amount (eg £500) from my current amount each month. I don't use the pots anymore but I have set up a budget in Monzo so I can track my spending. As I spend, the app allocates the transaction to a certain budget line, eg Personal Care or Groceries. I check the app regularly to check that I am not overspending on each category.